The Federal Reserve Bank of New York has named Helen Mucciolo its executive vice president, principal financial officer and head of its corporate group.

Mucciolo will start those jobs Aug. 1, replacing Michael Strine, who moved up to first vice president last week.

She will manage the financial management, business continuity, real estate and general support functions of the New York Fed as head of the corporate group and will join the bank's management committee.

A 20-year veteran of the New York Fed, Mucciolo has held a wide range of jobs there. She led the investment support office, the group that oversaw the portfolio of assets associated with JPMorgan Chase's acquisition of Bear Stearns and the restructuring of American International Group. She held management positions in the operational risk department and elsewhere; worked in the financial institutions supervision group, where she focused on resolution and recovery planning; and most recently was responsible for cash and custody services within the financial services group.

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The increasing adoption of virtual card payments by accounts payable departments has created an unex­pected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables. The root of the problem is that most suppliers rely on a manual approach to processing e-mailed virtual card payments. Suppliers are forced to balance their organization’s need for operational efficiency and control with rising customer demand to pay with a virtual card. But a new breed of tech­nology enables suppliers to process virtual card payments straight-through, addressing the needs of buyers and suppliers. This paper details the growth of electronic business-to-business (B2B) payments, shows how manual approaches to processing virtual card payments cause friction in accounts receivables, describes a way to process virtual card payments straight-through, and highlights the benefits of friction­less payments.